Mill Creek, Elite Fund Break Ground on Modera Galleria Apartments
321 Luxury Apartment Homes to Add to Emerging Dallas Midtown Area
DALLAS – Oct. 1, 2015 – Mill Creek Residential, a premier multifamily investor and operator specializing in exceptional apartment communities across the U.S., today announced that through a joint venture with Elite International Investment Fund, a leading real estate investment platform with capital from Asia, it has broken ground on Modera Galleria, its newest apartment community in the growing Midtown market.
The mixed-use community, featuring 321 luxury apartment homes, sits next door to the Galleria Dallas, a nationally acclaimed destination mall home to many prominent national retailers. Situated at the intersection of Noel Road and James Temple Drive, Modera Galleria rests on the northeast quadrant of Lyndon B. Johnson Freeway (Interstate 635) and Dallas North Tollway, providing residents expedient access to a variety of professional jobs across the metro area.
“With the completion of the LBJ project and the future Midtown redevelopment, we are incredibly excited about this neighborhood,” said Rick Perdue, managing director for Mill Creek Residential. “We believe Modera Galleria will set a new high-water mark for residential homes in the area and create sustainable value for our residents and our investment partners.”
Bill Zhou, managing partner of Elite International Investment Fund, added: “We are thrilled to start our programmatic joint venture relationship with Mill Creek from such an exciting project. I’m continually optimistic on the momentum of the Dallas market and planning to make further investment in Dallas soon.”
Featuring unique floor plans and a variety of lifestyle-enhancing amenities, Modera Galleria offers residents a chic experience in an increasingly vibrant neighborhood. As part of the booming Midtown corridor, Modera Galleria is in close proximity to an array of in-city occupational opportunities including Coca-Cola, FedEx, Wells Fargo, Clear Channel, SoftLayer Technologies Inc., Tesla Motors and FedEx. Located amidst the LBJ Business District, the community offers an easy commute to northern suburbs such as Frisco and Plano.
Among the national retailers at the Galleria Dallas are Macy’s, Nordstrom, Tiffany & Co., Gucci, Ann Taylor and Pottery Barn at a site that contains 3.7 million square feet of retail, office and hotel space. Also within minutes of the community are the Preston Valley Shopping Center, Target, Valley View Center and the T Bar M Racquet Club.
Nearby cuisine options include Sahara, Mughlai, Hibashi, Tortas La Hechizera and FreshPoint Dallas. Those seeking increased choices can make the drive to Belt Line Road, which has been dubbed “Restaurant Road” because of its high concentration of restaurants, bars and nightlife options. Residents looking to escape the bustle of the city can find respite on the Northern Trail, Cottonwood Trail and White Rock Creek Trail.
Modera Galleria consists of studio, 1- and 2-bedroom apartment homes that feature wood-plank flooring, stainless steel appliances, granite countertops, custom cabinetry and latest plumbing, lighting and electrical fixtures. Bedrooms include plush wall-to-wall carpeting, large walk-in closets and built-in storage and shelving. Bathrooms are fitted with double vanities, soaking tubs, tile surrounds and a linen closets.
Community amenities include a club-quality fitness studio, controlled-access garage parking, an on-site dog park, dog run and pet spa, an outdoor pool, barbecue area and a game room. The business center is equipped with a cyber café, computer stations and a conference room.
Including Modera Galleria, Mill Creek has 1,437 apartment homes in the Dallas market that the company is either developing or currently operating.
About Mill Creek Residential
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York, and Boston. Currently, the company’s portfolio comprises 49 communities representing 14,851 apartment homes that are operating, under construction or in planning. For more information, please visit www.MillCreekPlaces.com.
About Elite International Investment Fund
Established in May 2013, Elite International Investment Fund (EIIF) is a privately-owned real estate investment management company with offices in Beijing, Los Angeles, and New York. EIIF seeks to deliver attractive risk adjusted returns to our investors. Our disciplined investment strategy is responsive to different stages of the real estate cycles through discreet selection, stringent underwriting and working with the best local talents and sponsors. Since its inception, EIIF has set the precedence as the first Chinese private equity fund ever to invest in a U.S. development project, as well as the first to bring on board a major Chinese bank as an equity partner. http://www.crecc.org/newsite/en/elite.html